Total income is always equal to ________ expenditures; but only in equilibrium is it equal to ________ expenditures, producing in equilibrium ________ on income to change
A) actual, planned, pressure
B) actual, planned, no pressure
C) planned, actual, pressure
D) planned, actual, no pressure
B
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Given the following hypothetical data where C = $3,000; I = $1,200; G = $2,000; X ? M = ?$500; depreciation = $200; transfer payments = $800, net domestic product is _____
a. $5,500 b. $5,700 c. $6,200 d. $6,400 e. $6,900
One reason supply curves have an upward slope is because
A) increased supply will require increased technology. B) to have more of the good supplied requires more firms to open. C) people will pay a higher price when less is supplied. D) a higher price brings a greater profit, so firms want to sell more of that good. E) None of the above answers is correct because supply curves have a downward slope.
A single-price monopoly has marginal revenue and marginal cost equal to $19 at 15 units of output where the price on the demand curve is $38. What is the firm's total revenue?
A) $38 B) $285 C) $570 D) $19 E) There is not enough information given to answer the question.
Refer to Figure 10.1. If the monopolist is not regulated, the price will be set at ________
A) P1 B) P2 C) P3 D) P4 E) none of the above